Apollo Global Management has entered into negotiations to acquire US-based aluminium products maker Arconic Corp, according to a report by the Wall Street Journal, with Arconic’s shares soaring by 19.8% in afternoon trading on Tuesday as news of the potential deal first broke.Â
Apollo Global Management has entered into negotiations to acquire US-based aluminium products maker Arconic Corp, according to a report by the Wall Street Journal, with Arconic’s shares soaring by 19.8% in afternoon trading on Tuesday as news of the potential deal first broke.
At Tuesday’s closing price, the company, which manufactures parts for the aerospace, automotive, construction and energy sectors, had a market value of around $2.2 billion.
According to the Wall Street Journal’s unnamed sources, Apollo submitted a bid to acquire the business in February and has debt financing in place for a deal.
Apollo had a deal worth almost $10 million ($21-$22 per share) rejected by Arconic in 2018.
